By Aswath Damodaran
This hands-on consultant presents readers the instruments they should flip company monetary conception into functional monetary research. It includes proven-effective research types and instruments and exhibits readers precisely the best way to practice what they've got realized to any corporation they decide on! — this article refers to an out of print or unavailable version of this name.
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Additional info for Applied Corporate Finance: A User's Manual
Eisner prevailed on the board to hire Michael Ovitz, a noted Hollywood agent, with a generous compensation. A few years later, Ovitz left the company after falling out with Eisner, creating a multi-million liability for Disney. A 2003 lawsuit against Disney’s board members in 1996 contended that they failed in their fiduciary duty by not checking the terms of the compensation agreement before assenting to the hiring. 17 • Is the chairman of the board independent of the company (and not the CEO of the company)?
In concrete terms, this meant that investments that increased market share more were viewed more favorably than investments that increased them less. Proponents of this objective note that market share is observable and German and Japanese corporate governance systems. S. S. to return cash to the stockholders. , 1998, Measuring the Effectiveness of Different Corporate Governance Systems: Towards a more Scientific Approach, Journal of Applied Corporate Finance, v10(4), 16-25. 36 measurable like market price, and does not require any of the assumptions about efficient financial markets that are needed to justify the stock price maximization objective.
In one very public and expensive proxy fight in 2002, David Hewlett, who was sitting on the board of Hewlett Packard (HP) at the time, tried to stop HP from buying Compaq by soliciting proxies from HP stockholders. After eight months of acrimony, HP finally won the fight with the bare minimum 51% of the votes. How did Hewlett come so close to stopping the deal? One advantage he had was that the Hewlett and Packard families owned a combined 18% of the total number of shares outstanding. The other was that Hewlett’s position on the board and his access to internal information gave him a great deal of credibility when it came to fighting for the votes of institutional investors.